I don’t think many people know that there was no fiduciary duty required from your mortgage broker.  If I am not working in real estate/mortgage field, I might not pay attention to that neither.  Fortunately, WA legislation finally legally required mortgage brokers owe a fiduciary duty to borrowers that is governed by MBPA (Mortgage Broker Practices Act).  Fiduciary duty includes acting in borrower’s best interest, good faith, disclosing all other interests to the borrower, refusing to accept undisclosed compensation for an expense paid by the borrower.  If you find out your mortgage broker breach of a fiduciary duty, you have sufficient ground to cancel the contract.

For further info on Senate Bill 6381, check that out at: http://apps.leg.wa.gov/billinfo/summary.aspx?bill=6381&year=2008

Home inspection is to protect buyer from surprised and possible damaged in plumbing, electrical, etc…

I am so surprised that some people decide to safe a couple of hundreds dollars in inspection for an over $400k, brand new house.   Warranty does not guarantee quality of work.  I am not saying builders are bad nor do lousy jobs.  However, builder’s work is usually done by sub-contractors and their quality of work, sometimes, has no guarantee.  I have seen sharp nails on top of cabinets, missed insulation on bottom of the house, electrical panel not up to standard, reversed light switch, etc.   Especially for condo conversion, there are many underlying issues from original builder who built the community a few years ago.  The builder who converted the community for sale have no warranty to the work that previous owner had done.

We should better be safe than sorry.  I always recommend my clients or friends when they buy a new house, get a home inspection!  Please pay attention to the followings and I hope that helps you protect yourself:

1. Check credential, experience and reputation of your inspector;

2. Check warranty of the property (structure, flooring, plumbing or window, etc.)  Builders’ warranty is varies from individual builder, style of the property, region and if there be law & legislation in the state.

3. What is/are NOT covered?

4. Warranty coverage period.

5. Contacts of builder’s warranty department Vs manufacturers.

6. Who is responsible?  You and/or your HOA follow up with builder or manufacturer.  Whether there is mentioning in the CC&R’s or move-in binder.

Last but not least, BE THERE with your realtor at the inspection although some states does not have law that requires realtor be at the inspection.  Ask your inspector when you have questions.

Good luck!

Most rebate/cash back promotion is just gimmick. I bought new LG washer & dryer last year there were $50 rebate for each. I thought it only took me a stamp & fill out the form. Why not have a try?! I almost forgot about that after waiting for months. Surprisingly, I really received the $100 check! It is not a gimmick!!!

How to get it?

1. Look for an Energy Star tag on appliances

2. Compare the rebate amount. Rebate amount is coincided with the degree of energy saving. *Don’t forget to compare price though!

3. Follow instruction stated on Energy Saving tag, mail the proof of purchase & form out.

It may take a while, it definitely worth it!!!

Puget Sound Energy’s Residential Energy Efficiency Rebate Programs offer a variety of incentives for customers who purchase energy efficient Energy Star qualified product or appliance, and include:

• Up to $100 rebate for ENERGY STAR qualified clothes washers with a Modified Energy Factor (MEF) of 1.8 or higher.
• $2 - $20 rebates available for various ENERGY STAR qualified CFL bulbs and fixtures.
• $250 rebate available for an ENERGY STAR qualified natural gas furnace.
• $40 rebate available for a high efficiency natural gas water heater with an energy factor of .62 or higher.

For further info, please click on http://www.pse.com/
solutions/rebatesOnAllRebates.aspx

Bill 6215 will be effective on Jun 12, 2008 that requires condo association to have reserve studies and disclosure.  Please consult your condo management company and HOA, check the annual budget and financial statement.  Impact may be HOD increase for adequate reserves.  That will also affect sale-ability of the community since market value of unit reflects reserves.  Further information on Bill 6215   http://apps.leg.wa.gov/billinfo/summary.aspx?year=2008&bill=6215.